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The Hertz Corporation (also known as Hertz Rent A Car or simply Hertz) is the largest general-use car rental company in the world, with 1,900 locations in the United States and 5,100 worldwide. Hertz also maintains a heavy equipment rental division known as the Hertz Equipment Rental Corporation, aka HERC. It is headquartered in Park Ridge, New Jersey. HERC has nearly 300 branches throughout the United States, Canada, Spain, France and India. The company was begun by Walter L. Jacobs in 1918, who started a car rental operation in Chicago with a dozen Model Ts. In 1923, Jacobs sold it to John D. Hertz, president of Yellow Cab and Yellow Truck and Coach Manufacturing Company, who renamed it the "Hertz Drive-Ur-Self System". The company has passed through a number of hands, including General Motors, RCA, and United Airlines. As a public company, Hertz was traded on the NYSE under the symbol HRZ until the purchase of outstanding stock by Ford Motor Company. From 1994 - 2005, it was a wholly owned subsidiary of Ford Motor Company. On June 13, 2005, Ford issued a notice that Hertz would be spun off in an initial public offering. On September 13, 2005 it was announced it was to be sold to a private equity group (composed of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity) for $5.6 billion in cash and debt acquisition. The sale was completed on December 22, 2005. This private equity group took Hertz public on November 16, 2006 and is now available on the New York Stock Exchange under the symbol 'HTZ'. Despite its past affiliation with Ford, the rental fleet of most Hertz locations no longer consists exclusively of Fords and Ford brands such as Mazda, Volvo, Mercury and Lincoln. It is not uncommon to find Hertz rental cars from non-Ford companies such as Toyota, Hyundai, Kia and General Motors. Hertz Corporation Data Center is located in Warr Acres, a dense suburban city within Oklahoma City, Oklahoma. | |||||||||||||||||||||||||||
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